"Apart from Sly's and Lionsgate's adroitness in guerilla movie marketing, the indie also remains the studio outlier on digital media conversion," Harrigan wrote in his research note.

"We believe that 2012 private market value could be in the $15-plus vicinity despite what we view as a now-extended lowball $6.50 bid from Carl Icahn," he added.

Stock in Lionsgate was down three cents to $6.32 on the New York Stock Exchange at midday on Monday, following the mini-studio last week swinging to a first-quarter loss on rising theatrical marketing costs and steep legal bills from trench warfare with Icahn.